C 
5.07
+0.80%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.1m
FY2016FY2025
Net income
−€34.3m
FY2016FY2025
Free cash flow
−€18.4m
FY2016FY2025
Shareholders' equity
€193.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.1m | €136,000 | €24,000 | €70,000 | €105,000 | €128,000 | €1.0m | €1.1m | €983,000 | €8.9m |
| Research and development | — | €14.3m | €11.0m | €13.0m | €8.3m | €4.4m | — | — | — | — |
| Operating income | −€25.9m | −€37.5m | −€28.9m | −€30.0m | €5.4m | −€8.1m | −€5.0m | −€4.2m | −€4.7m | €3.6m |
| Net income | −€34.3m | −€33.1m | −€27.2m | −€27.7m | €3.8m | −€8.3m | −€3.7m | −€3.1m | −€3.9m | €4.9m |
| Diluted earnings per share | -2.03 | -1.97 | -2.41 | -2.25 | 0.39 | -0.93 | -0.50 | -0.61 | -0.76 | 1.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €232.5m | €280.0m | €302.0m | €184.0m | €178.7m | €47.4m | €32.3m | €19.1m | €20.5m | €17.4m |
| Cash and short-term investments | €50.0m | €93.1m | €191.8m | €100.6m | €105.0m | €29.1m | €15.9m | €5.1m | €7.5m | €4.0m |
| Total liabilities | €38.3m | €80.3m | €67.7m | €58.5m | €32.0m | €15.1m | €6.1m | €3.4m | €2.3m | €1.2m |
| Debt | €31.6m | €45.7m | €48.6m | €46.0m | €19.9m | €10.8m | €3.9m | €2.0m | €339,000 | €178,000 |
| Shareholders' equity | €193.8m | €199.7m | €234.3m | €125.4m | €146.7m | €32.3m | €21.9m | €15.7m | €18.3m | €16.3m |
| Shares outstanding | 17m | 17m | 11m | 12m | 10m | 9m | 8m | 5m | 5m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€15.7m | −€30.2m | −€22.6m | −€23.1m | −€9.0m | −€4.8m | −€3.0m | −€3.1m | −€2.2m | €4.6m |
| Capital spending | −€2.8m | −€62.6m | −€26.8m | −€11.7m | −€12.2m | −€3.9m | −€2.3m | −€299,000 | −€331,000 | −€304,000 |
| Free cash flow | −€18.4m | −€92.8m | −€49.4m | −€34.8m | −€21.2m | −€8.7m | −€5.3m | −€3.4m | −€2.6m | €4.3m |
| Dividends paid | — | — | — | — | −€109.1m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.6m | €2.6m | €519,000 | €63,000 | €73,000 | €4,000 | €20,000 | €61,000 |
| Operating income | −€11.8m | −€1.0m | −€24.9m | −€17.5m | −€20.0m | −€13.6m | −€15.3m | −€16.0m |
| Net income | −€9.4m | −€10.7m | −€23.5m | −€15.0m | −€18.1m | −€13.6m | −€13.7m | −€15.9m |
| Diluted earnings per share | -0.56 | -0.64 | -1.40 | -0.89 | -1.07 | -1.20 | -1.21 | -1.29 |
| Cash from operations | −€7.0m | — | −€15.0m | −€16.0m | −€15.0m | −€12.0m | −€12.0m | −€17.0m |
| Capital spending | — | −€2.0m | — | −€33.0m | −€29.0m | −€13.0m | −€12.0m | −€3.0m |
| Free cash flow | — | — | — | −€49.0m | −€44.0m | −€25.0m | −€24.0m | −€20.0m |
| Total assets | €223.2m | €232.5m | €240.9m | €280.0m | €284.1m | €302.0m | €177.8m | €184.0m |
| Cash and short-term investments | €47.5m | €50.0m | €71.7m | €93.1m | €141.1m | €191.8m | €78.5m | €100.6m |
| Debt | — | €31.6m | €38.2m | €40.7m | €41.1m | €43.1m | €39.8m | €38.3m |
| Shareholders' equity | €185.8m | €193.8m | €175.4m | €199.7m | €217.6m | €234.3m | €113.4m | €125.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 253.8% | 89.2% | 14.0% |
| Operating income | -4.7% | 26.2% | 20.4% |
| Net income | 7.3% | 32.9% | 27.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1960.5% | -3673.4% | -3510.4% | -852.3% |
| Net margin | -2082.1% | -3673.9% | -3559.8% | -829.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.5 | -3.4 | -11.6 | -13.9 | 87.1 | -38.8 | -17.4 | -7.1 | -9.8 | 6.0 |
| Price to sales | 60.8 | — | — | — | — | — | 63.8 | 20.4 | 39.1 | 3.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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